029 Group SE

Earnings Release • Aug 13, 2002

News Details

Ad-hoc | 13 August 2002 08:00

Rhein Biotech N.V. english

Rhein Biotech N.V.: Half-Yearly Results 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Rhein Biotech N.V.: Half-Yearly Results 2002 8.5 percent increase in product sales, Net income 3.0 million Euro Rhein Biotech NV, a vaccine oriented biotechnology company recorded sales of 39.9 million Euro in the first half-year of 2002 compared to 38.1 million Euro in the same period of last year. Product sales, which account for 98 percent of sales revenues, increased by 8.5 percent to 39 million Euro. Operating costs increased from 18.2 to 19.9 million Euro mainly due to the planned increased spending on R&D and marketing as well as restructuring costs. Income from operations (EBIT) was 2.3(4.8) million Euro, while the EBITDA was 5.5(8.6) million Euro. Rhein Biotech’s net income for the first half of 2002 was 3.0 million Euro in comparison with 3.7 million Euro in 2001. The company’s cash position at the end of June 2002 was 43.6 million Euro compared to 22.9 million Euro at the end of the first quarter 2002. This increase is mainly attributable to the issue of a corporate bond of approx. 17 million Euro by the subsidiary GreenCross Vaccine in the Korean capital market. The external debt has been attracted to finance cash generating investments. During the second quarter of 2002, Rhein Biotech recorded sales of 22.2 (20.6) million Euro, a growth of 7.4 percent compared to the second quarter 2001. The gross margin continued to improve compared to the previous two quarters to 56.2 percent, resulting in a gross profit of 12.5 (12.2) million Euro. The overall performance in the second quarter was negatively affected by the lower US Dollar. Apart from the impact the weakening US Dollar had on Rhein Biotech’s sales, which are mainly in US Dollars, the receivables had to be re-valued, which resulted in a negative financial impact of nearly 1.7 million Euro. The final valuation of the marketing rights relating to the transaction with Wockhardt Ltd in India has led to an additional extraordinary income of 1.1 million Euro in the second quarter. Rhein Biotech’s net income in the second quarter amounted to 0.3 million Euro in 2002 compared to 1.6 million Euro in the second quarter of 2001. end of ad-hoc-announcement (c)DGAP 13.08.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Agreements signed in the first half-year: Rhein Biotech has developed a novel two-dose hepatitis B vaccine, which gives full protection against the disease in only one month compared to a six-month period necessary with the conventional three dose vaccines currently on the market. Phase III clinical trials have shown very positive preliminary results and the vaccine has been filed for registration in Argentina. This vaccine has been developed using the RC-529 adjuvant from Corixa, a US based developer of immunotherapeutics. The companies signed a supply and license agreement in April, which gives Rhein Biotech the co-exclusive worldwide commercial rights for the use of Corixa’s adjuvant. Rhein Biotech has extensive experience with Japanese encephalitis vaccine with over 50 million doses sold to date. Subsidiary GreenCross Vaccine was one of the first companies worldwide to market a vaccine against this disease and today is one of only two companies distributing this vaccine in Europe. Rhein Biotech is currently developing an improved vaccine against Japanese encephalitis and has taken a licence on the Dutch company Crucell’s human PER.C6 cell line. The new cell-derived vaccine will have advantages over the conventional vaccine in terms of safety, production costs and production capacity. Merger with Berna Biotech: 92.2 percent of the Rhein Biotech shareholders have accepted the public takeover offer by Berna Biotech, which closed on 1st August 2002 and consequently Berna Biotech and Rhein Biotech, both fully-integrated vaccine-oriented biotech companies will merge to create a leading and unique powerhouse for innovation in vaccines. The management of Rhein Biotech is fully committed to joining Berna Biotech under the leadership of Kuno Sommer as CEO. Ernest de la Houssaye and Dr. Eungjoon Jo, supervisory directors of Rhein Biotech will join the board of Berna Biotech chaired by Peter Giger. Daan Ellens, CEO of Rhein Biotech, will act as deputy CEO, taking the function of Chief Operational Officer during the integration phase. The integration of the companies is expected to be completed in the fourth quarter of 2002 Outlook: The new combined company will be ideally positioned to contribute to and benefit from the forecasted innovation-driven growth in the vaccine market. Berna Biotech – with a broad product portfolio based on novel and proprietary technology platforms – has a strong base in Europe marketing premium-priced influenza and travel vaccines. Rhein Biotech – the world’s third largest manufacture of hepatitis B vaccines – supplies the international market with high-quality products at competitive prices, and operates with a leading highly efficient protein production technology. The combined company, trading as Berna Biotech AG, will have its headquarters in Berne, Switzerland and will employ about 965 people. It will have at its disposal state-of-the art R&D facilities in Switzerland, Italy, Germany and Korea and manufacturing plants in Switzerland, Korea and Argentina, while its marketing and sales activities will be based in Switzerland, Italy, Spain and Korea. Berna Biotech is listed on the Swiss stock exchange in Zurich. For further information about Rhein Biotech and the complete Half-Yearly Report please visit our website http://www.rheinbiotech.com or contact one of the following people: Company Contact: Marcel Jacobs Communication Manager T: +31 (0)43 / 35 67 894 F: +31 (0)43 / 35 67 899 E: m.jacobs@rheinbiotech.com Media Contact: Vom Hoff Kommunikation GmbH Carsten Heinrichs, IR-Consultant T:+49 (0)211-515 805 12 F: +49 (0)211-515 805 55 E: c.heinrichs@vomhoff.de ——————————————————————————– WKN: 919544; ISIN: NL0000230324; Index: NEMAX 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, München, Stuttgart, Hannover 130800 Aug 02